PHILIPPINE tanker operators expect revenue and volume growth this year despite soaring oil prices and economic uncertainty. Rates are also seen to hold steady.
Philippine Petroleum Sea Transport Association (Philpesta) executive director Ernesto Pagayo said the tankering industry is one of a few sectors in shipping shielded from effects of oil price hikes and the anemic economy.
“Operators are upbeat about sustaining their revenue and volume growth this year… they are relatively (doing) better compared to other sectors such as the liners,” Pagayo told PortCalls.
Majority of association members are under long-term contracts with oil companies.
Pagayo said he knows of no cancellations in time-charter contracts of Philpesta members, “suggesting the oil industry remains vibrant despite the slow economy.
Still, major expansion projects are on hold due to volatile business conditions, he noted.
